By David Irecki, Director, Solution Consulting, APJ, Boomi
From making businesses more agile to aiding solutions that might solve humanity’s biggest problems; it would seem like not a day goes by without a report about the potentially transformative impact of artificial intelligence (AI).
It is clear that AI will be a force for innovation for years to come. Statista estimates that AI will propel the Philippines’ enterprise software market to be worth well over $500 million by the end of this decade. Meanwhile, on an organizational level, market intelligence firm IDC predicts that 65% of CIOs will face pressure to adopt tools like generative AI.
The imperative we face today is about how we can collectively harness its potential to achieve the best possible outcomes while minimizing the risks. Indeed, the IDC forecast mentioned earlier warns that despite growing expectations around AI adoption, limited IT support threatens to diminish the benefits and heighten risks. The key to these challenges is how we leverage AI to augment people’s capabilities.
Coming to terms with challenges
Unfortunately for many developing countries including the Philippines, there is a talent gap to grapple with. Almost 90% of the country’s population lacks basic ICT skills such as word processing, internet, and email skills, according to an Economist Impact report. However, the same survey found that local employees prioritized acquiring AI and machine learning (ML) skills at higher rates (42.3%) than the regional average (32.8%).
These figures underscore that it is critical for both the public and private sectors to make clear, bold commitments to nurturing AI skills to meet their employees’ aspirations. Upskilling and reskilling initiatives will be critical, but realizing outcomes will not be immediate is key. To capitalize on this appetite among the workforce to pick up new, more relevant skills, enterprises can leverage low-code tools. Robust low-code solutions will be a key enabler in breaking down traditional barriers to entry and empowering a broader spectrum of professionals to actively participate in AI-driven transformation.
Businesses across the region will also need to be agile in the face of public policy frameworks aimed at implementing guardrails for AI development. For instance, the Philippines has the AI and ICT Roadmap, and plans to follow that up with an Asean-wide regulatory framework within the next couple of years. Businesses will have to equip themselves to navigate this. Striking a balance between growth and guard rails that ultimately prioritize people will be essential. This is why it will be more important than ever to leverage partners and experts who have been at the forefront of AI integration to develop a clear-headed strategy.
A robust ecosystem via intelligent strategy
A robust data ecosystem is a prerequisite for getting AI to work for people and driving the business forward. This will rest on the following:
1. Data accuracy. It bears repeating that AI is only as good as the data it can access. Enabling businesses to aggregate data from disparate sources into a single source of truth is fundamental to this. This will allow organizations to identify discrepancies, standardize data definitions, and provide an ongoing assurance of high data quality.
2. Data completeness. Being able to determine whether data sets are sufficiently complete is a major part of maximizing AI’s benefits. Organizations will have to consider how the different durations of sample sizes can impact the accuracy of predictive analytics for issues such as customer churn or profitability by product.
3. Process integrity. Logical and seamless processes are essential to driving automation driven by AI. While the technology can suggest optimal workflows, it is still up to leaders to test sequences and try to “break” a workflow with an unexpected condition. Due diligence upfront will minimize the risk of a process disruption that leaves stakeholders stranded.
4. Trust and security. A big concern with AI is ensuring the protection of sensitive data, including personally identifiable information (PII). Failure to do so will erode brand trust. Making sure that data is accessible only to authorized systems and individuals is vital. At the same time, organizations must put in place a data governance framework that strengthens accountability and compliance with internal and external standards.
To make the most of AI, companies need to establish a robust data ecosystem from the very start. Implementing an intelligent approach to AI in the right manner will help them automate manual processes to maximize cost efficiencies, accelerate and refine product and service development, and enhance customer experiences – to drive customer loyalty and business growth.
Boomi is a software company that specializes in integration platform as a service, API management, master data management and data preparation.